Korean Inc. turns to young employees for business ideas and management tips

[Photo by LG Chem Ltd.]

South Korea’s large companies are not just paying closer attention to the voices of young workers but betting on them for refreshing business and management ideas.

LG Chem has been carrying out ‘co-mentoring’ program in which the company’s top executives are partnered with young employees for “youthful” tips from fashion to management. The company’s vice chairman Shin Hak-cheol had a conversation with four young workers on Wednesday.

They had a ‘this or that’ game where players choose one of the two options in a series of questions, a game that helps identify each other’s values and interests. When asked to choose between ‘a CEO of a large company’ and ‘a team leader who cannot be promoted but is guaranteed job security,’ Shin chose to be CEO without hesitancy, the company said.

They also exchanged questions on work and corporate culture. Shin asked what boosts their morale, the young workers answered appreciation from colleagues and bosses, according to the company.

LG Chem will use the program to enhance communication between 30 or more senior executives aged 54 on average and 110 ordinary workers aged 29. They will become mentors and mentees under the program for the next three months. “Synergy of cooperation can be created through mutual understanding and appreciation,” said Shin, pledging to improve communications between generations.

[Photo by CJ CheilJedang]

CJ CheilJedang is launching businesses based on ideas selected through its internal venture idea contest.

The Korean food giant announced Wednesday that it will begin food upcycling business and produce vegetable milk after listening to ideas selected through its venture program INNO 100. It will establish independent teams to launch the businesses.

The food upcycling project aims to produce processed food by using rice fragments and soybean pomace, and use containers made of waste plastics. The idea was proposed by workers aged 29 on average.

Making vegetable milk such as soy milk and rice milk is also an idea picked at its business idea contest held in February. The company sees great potential in the two businesses that could meet the values of MZ consumers.

The INNO 100 was launched in February to give employees an opportunity to realize their business ideas. If they receive approval from the company, they can receive prize money and initial investment to establish detailed strategies to turn their ideas into a real business. The company then finally decides whether to include the new business into its portfolio.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]